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From monthly archives: July 2020

We are pleased to present below all posts archived in 'July 2020'. If you still can't find what you are looking for, try using the search box.

Family Money Matters During the Pandemic: A Look at Savings

As the coronavirus pandemic makes its way into yet another season, the “trickle down” impact on Americans’ financial situation and spending behavior continues to evolve. Record-level unemployment, business shut downs, and economic uncertainty are certainly driving indicators of consumer spending. A recent survey from a nonprofit organization, polled adults about how the coronavirus has impacted their finances and financial behavior*. The study found that 67% of feel that the pandemic has served as a “wake-up call” for their current financial status. If you’re in this percentage of people who feel this may be a good time to review your financial roadmap, consider setting aside some time to assess your short and long-term goals. It’s a good idea to review the last few months of bank statements to assess where your money generally goes each month. On firstbanks.com, simply login to your account, go to “Accounts” and then to “Statements” t ...

Four Money Moves to Make if You’re New to This Whole Adult Thing

  Hey, we get it. This isn’t what you expected life to look like right now. Maybe you’ve just graduated with one of the most unusual senior years ever and you’re wondering if going away for college in person is even going to be an option? Maybe you’re ready to embark upon your career? Whatever is happening in your life, we know you’ve got plans for the future, and you’re not going to let anything stop you. Statistically, if you’re between the ages of 18 and 22, over half of you are living at home. If you do choose to attend a community college or need to stay home with parents for online learning, there are some cost savings to either. Trust us, saving money is a good thing! On average, community colleges are considerably less expensive than attending a four-year university. Plus, living at home is typically less expensive versus on campus in a dorm or in an off-campus apartment with costs that can also add up. Think rent, electricity, food, furnishings f ...

First Bank Launches Partnership with The Amer-I-Can Program

Join Efforts in Empowering Individuals to Meet Their Full Personal and Financial Potential   FOR IMMEDIATE RELEASE: Contact:      Stacy Clay, Director of Community Affairs o: (314) 692-6345 e: Stacy.Clay@fbol.com   ST. LOUIS (July 20, 2020) — First Bank is pleased to partner with The Amer-I-Can Program to enable financial education, success, and opportunity in underserved communities. Founded by Pro Football Hall of Fame legend Jim Brown, Amer-I-Can empowers individuals through accountability, and inspires them to change their circumstances through self-responsibility. Joe Cagno, Senior Vice President with First Bank Mortgage, commented, “We’re very happy to partner with this outstanding organization to help individuals reach their full potential. Although we’re launching our partnership in Southern California, we hope to expand it throughout the nation in the coming months and years.” Cagno has volunteered his support with Jim Brown an ...

The Changing College Landscape

The 2020-2021 academic year is right around the corner, and the coronavirus pandemic has upended the college world, like everything else. Not only has COVID-19 impacted short-term college operations and student summer plans, but the virus could end up being the catalyst that changes the model of higher education in the long term. Here are some things to know about the changing college landscape. College funds. Market volatility has been at record high levels this year, and college nest eggs may have taken a hit. Parents who have lost their jobs or otherwise suffered significant economic hardship due to COVID-19 might reach out to their child's college financial aid office to inquire about the possibility of a revised aid package, if not for fall then for spring. Parents of younger children may want to review their risk tolerance and time horizon for each child's college fund. Parents who are using a 529 plan to save may have experienced one of the drawbacks of these plans in 2020: the re ...

First Bank’s Thrive Checking Earns Bank On’s National Account Standards

In an effort to provide access to quality banking products and services that our underserved communities need, the National Bank On Coalition was formed. Its primary goal is to ensure that everyone has access to a safe, affordable bank or credit union. It’s estimated that approximately 14 million adults are unbanked with no checking or savings account. On top of that, nearly 20% of U.S. households (approximately 50 million adults) are underbanked, meaning they still use unconventional financial services. “Often, these types of unconventional financial services encompass check cashing and payday loan services that charge these individuals eccentric fees and high interest rates,” said Stacy Clay, First Bank’s Director of Community Affairs and member of the St. Louis Regional Financial Empowerment Coalition (FEC). “Many of our unbanked and underbanked in the community have never had access to a trusted banking partner or possibly have encountered some challenges with financia ...

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All First Bank blog information and content is strictly informational. It is not intended to be specific investment, tax, or legal advice. If you need detailed financial, investment, or tax advice, please contact a First Bank qualified professional. Please note, First Bank occasionally shares third-party content we find to be relevant and helpful to our audiences.